Europe's manufacturing industry stalled in November, according to data from Markit. The eurozone's top three economies -- Germany, France and Italy -- saw factory activity fall.

Prices in the eurozone rose by just 0.3% in November. Cheaper oil, and the gloomy economic outlook, will renew concerns that Europe is flirting with deflation and ramp up pressure on the European Central Bank to do more to get prices rising again.

The ECB has said that it may buy a broader range of assets to revive the economy, but the central bank is split over whether to mimic the Federal Reserve and buy government bonds.

Chinese manufacturing numbers also disappointed. Authorities in China delivered a surprise interest rate cut last week in a bid to spur growth as the world's second largest economy cools.

U.S.-traded WTI dropped 1% to $65.61 per barrel in electronic trade Monday. U.S. oil stocks were under pressure again after taking a beating Friday.